Anyone who's been following me religiously for a long would have caught the very bottom of the BTC downtrend, all the latest updates, and also caught almost every single up swing in Bitcoin , making significant profits in the process. To those who are following me, I hope you're enjoying your profits, well done to each and every one of you for your consistent profits over the last couple of months.
In my last analysis I predicted an up move to 7160, which is going exactly to plan. I think Bitcoin will nail this move, and afterwards is when we need to anticipate the move after target. When price hits 7160, Bitcoin will likely need a relief rally (Not because it's a manipulated market or some other ridiculous theory, but because it's perfectly normal market behaviour) to the downside before the next pop up. Finding where bitcoin will likely correct to is actually pretty easy, this is due to the nice technical layout of bitcoin on the 4 hour chart at present.
Bitcoin was using a strong side-wards support line, before elevating and picking up bullish steam, and began supporting on the 20 moving average and left the line behind before the bullish pop giving us the breakout. The obvious buy opportunity was when price failed to hit the side-wards support line again and price went higher to the upside and supported on the 20. The 20 support test was the easy buy here and was a nice move to take advantage of.
With the above in mind, price is predictable, it's literally either going to correct to the 20/50 moving averages as a support level , or simply hit the side-wards support line. The only other alternative is that price goes above my target level of 7160, which is fine since we're holding the trade. But... Even if trade runs above 7160, the levels I am mentioning for a correction will still be valid even if Bitcoin goes to 100000. so bare in mind that the higher it pumps the harder it will fall here. so be nimble, trade with a firm plan, and don't get trapped.
Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts!
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